$30 Billion Philippine Stock Rout Gets Domestic Bulls Buying
- World’s worst market hit by foreign selling on inflation fears
- Shares may be near bottom, valuations reasonable: Rizal Bank
This article is for subscribers only.
As Philippine stocks tumbled to a one-year low Thursday, some of the nation’s biggest money managers put cash to work, betting against the relentless selloff led by foreign investors that has wiped out over $30 billion in market value in about three months.
Fund managers at Bank of the Philippine Islands and Rizal Commercial Banking Corp. added to holdings of domestic stocks as the Philippine Stock Exchange Index pushed its loss for the year to over 10 percent, the world’s worst performer. While conceding that the country’s rising inflation may not have peaked yet, the managers expect it to moderate later in the year and remain within the central bank’s target.